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Victory Nickel Inc.: Victory Nickel Sells Minago Property, Closes Private Placement, Positions Company to Move Forward in Nickel and Industrial Minerals Markets
Victory Nickel or the
Company ) (CSE:NI) (www.victorynickel.ca) today announced that it has sold its Minago nickel property in northern Manitoba to Silver Elephant Mining Corp.
(
on the terms announced in the news release of January 22, 2021.
In a separate transaction, Silver Elephant acquired 100% of the Company s debt held by the Company s secured lender (the
Secured Debt ). The Secured Debt has been restructured such that the Company s secured debt has decreased to approximately US$5.4 million.
The sale of Minago to Silver Elephant provides for consideration to the Company as follows:
Victory Nickel Inc.: Victory Nickel Enters into Asset Purchase Agreement for Sale of Minago Property
Victory Nickel or the
APA ) with Silver Elephant Mining Corp.
(
for the conditional sale of the Company s Minago nickel property in northern Manitoba.
Subject to the acquisition by Silver Elephant of 100% of the Company s debt held by the Company s secured lender (the
Secured Debt ) and the restructuring, as defined in the APA, of the Secured Debt, the APA provides for consideration to the Company as follows:
A US$6,675,000 credit against certain secured debt owed by Victory Nickel to Silver Elephant at closing (the
Property Payment ).